Each Mutual Fund operating from or administered from within the Islands must be licenced and must have a separately licenced mutual fund administrator. An applicant for a licence must apply to the Commission on the prescribed application form along with the appropriate application fee and information related to the directors, beneficial owners, managers and shareholders and partners.
A licenced Mutual Funds Administrator can conduct administration of an unlimited number of mutual funds. A Restricted Mutual Funds Administrator’s licence authorises the licencee to conduct mutual fund administration only in respect of the mutual funds specified in the licence.
- Application for Registration of a Mutual Fund (Form No. 1)
- Application for Recognition of a Mutual Fund (Form No. 2)
- Application for Licensing a Mutual Fund (Form No. 3)
- Application for Mutual Funds Administrator’s Licence (Form No. 4)
- Mutual Funds Administrator’s Licence (Form No. 5)
- Restricted Mutual Fund Administrator’s Licence (Form No. 6)
- A copy of the proposed Prospectus for the offering of Shares
- Where a Trust, a copy of the trust deed
- Where a partnership, a copy of the partnership agreement
- Where a company, a copy of the memo and articles of association and certificate of incorporation
- Evidence the mutual fund is authorised to issue equity interest only to investors who meet the qualification in regulation 4; or its equity interest are listed on a stock exchange including over the counter market recognized by the Commission in Section 4(1).
- A copy of audited accounts for the past two years (if available)
- Code of ethics and work
- Evidence that the applicant holds professional indemnity insurance
- Assurance that the client mutual fund will retain its principal books and records of accounts in the islands
- The address of the applicant’s office in the Islands.
In determining fitness and propriety of the principals, emphasis is placed on the qualification and experience of the promoters and the satisfactory arrangement of the administration of the fund. Therefore all directors, beneficial owners, managers, shareholders and partners are to provide the following documents:
- Biographical Affidavit
- At least One Financial Reference
- At least One Character Reference
- Police Certificate from country of residence
- Certified copy of passport picture page
- Curriculum Vitae
The Commission may require additional information to determine the application. (See application requirements for a Licence under the Mutual Funds Ordinance).